Coinbase to Launch New GBP Trading Pairs Tomorrow

Coinbase has announced that it will launch a whole new category of GBP trading pairs on Friday. David Farmer, Coinbase Pro’s General Manager, wrote that the company was making use of the Faster Payments Service, a banking initiative that plans to reduce processing times, to allow UK customers to buy and sell cryptocurrencies.

Coinbase Pro announces support for trading bitcoin, ethereum and other cryptocurrencies using British Pounds (GBP) https://t.co/bY2WXQqXFt

Coinbase first published the announcement earlier last month. However, the feature was limited to a few UK customers until now. The new trading pairs include ETH–GBP, ETC–GBP, LTC–GBP and BCH–GBP, along with the previous pair, BTC–GBP. The launch will be divided into three stages: post-only, limit-only and full trading.

“In the first stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of 10 minutes,” wrote Farmer.

The second stage will match limit orders, however customers won’t be able to submit these. Once again, this stage will take a minimum of 10 minutes. In the last stage, “full trading services will be available, including limit, market, and stop orders.”

Other major steps taken by Coinbase last month include its decision to re-open its services in Wyoming.The crypto exchange left the country since it wasn’t able to renew the money transmitter license. However, it chose to come back when one of Wyoming’s new crypto-friendly bills freed crypto exchanges from the condition.

In the same month, Coinbase also announced on that Toshi was now officially called Coinbase Wallet. The exchange also published five institutional core principals. The first principal ensured users that the exchange would “operate a fair and orderly market”. The second principal promised that users will be protected with cybersecurity and stricter processes. The third principal would “enforce transparent market rules and governance”. The fourth principal would provide everyone with equal access to Coinbase. The fifth principal ensured that the exchange would “publicly disclose listing practices and market rules”.